Micron Q1 Earnings Performance: Revenue Beat, EPS Miss, Strong Guidance, AI Opportunity And More

Micron Technology Inc MU reported fiscal first-quarter financial results Wednesday after the close. Here's a look at the key metrics from the quarter.

Q1 Earnings: Micron reported first-quarter revenue of $4.73 billion, which beat the consensus estimate of $4.27 billion, according to Benzinga Pro. The company reported a quarterly loss of 95 cents per share, which missed analyst estimates for a loss of 91 cents per share.

Micron reported operating cash flow of $1.4 billion, up from $943 million in the prior year's quarter. The company turned in an adjusted free cash flow of negative $333 million. It ended the quarter with $9.84 billion in cash, marketable securities, and restricted cash.

"Micron's strong execution and pricing drove better-than-anticipated first quarter financial results. We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025," said Sanjay Mehrotra, president and CEO of Micron.

"Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets."

Outlook: Micron expects fiscal second-quarter revenue of $5.3 billion, plus or minus $200 million, versus estimates of $5.03 billion. The company anticipates a second-quarter adjusted loss of 21 cents to 35 cents per share versus estimates for a loss of 62 cents per share.

Micron shares are responding favorably to the top-line beat paired with strong guidance for the coming quarter. Management will hold a conference call to discuss these results at 4:30 p.m. ET.

See Also: Micron Likely To Report Wider Q1 Loss; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

MU Price Action: Micron shares were up 4.55% after hours at $82.30 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Micron.